Gas price update

Gasoline prices in Florida have fallen 0.7 cents per gallon in the past week, averaging $2.73/g yesterday, according to GasBuddy’s daily survey of 8,237 stations in Florida. This compares with the national average that has increased 1.1 cents per gallon versus last week to $2.84/g, according to GasBuddy.

Average gasoline prices on July 30 in Florida have ranged widely over the last five years: $2.28/g in 2017, $2.06/g in 2016, $2.53/g in 2015, $3.42/g in 2014 and $3.59/g in 2013.

Including the change locally during the past week, prices yesterday were 44.9 cents per gallon higher than a year ago and are 2.2 cents per gallon higher than a month ago. The national average has dropped 0.5 cents per gallon during the last month and stands 53.4 cents per gallon higher than a year ago.

“Pushed higher by signs of a lessening in trade tensions between the U.S and the European Union and a draw down in U.S. oil and fuel inventories following last Wednesday’s Department of Energy’s Weekly Petroleum Status Report, pump prices across the country posted slight gains that could represent a U-turn in falling pump prices at the halfway point of summer,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Indications of continued strong summertime demand for gasoline along with robust fuel export numbers could serve to help sustain moderately higher gas prices, but more geopolitical events such as the closing of oil ports on the Red Sea, affecting Saudi Arabian crude exports, are sure to provide more upwards momentum for fuel prices in the week ahead.”